Canadian media organizations can now prepare and submit their tax credit application
Canadian media organizations can now prepare and submit to CRA their application to find out if they qualify for a new refundable labour tax credit available for their industry. The CRA recently published application forms and guidance on this new 25% refundable labour tax credit, which was announced in the 2019 federal budget. Although it's not yet clear how long it will take applicants to obtain the required certification as a "Qualified Canadian Journalism Organization" (QCJO), the CRA confirms that news organizations can now submit their applications to be considered eligible for the credits. Meeting the definition and being approved as a QCJO is the first step in obtaining the tax credit.
The CRA's guidance includes new details on the application process, and several examples of how the credit may be calculated in different circumstances. The CRA is accepting feedback on its new guidance, and is scheduled to have a conference call to discuss the application process with stakeholders on January 14, 2020.
Download this edition of the TaxNewsFlash to learn more.
© 2020 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.